Asia-Pacific AI in image recognition market is estimated to grow significantly at a CAGR of more than 29% during the forecast period. The major countries which will contribute to the market include China, India, and Japan. China is the biggest player in AI in the image recognition market. The market in the region is largely driven by the investment from the AI companies and a significant rise to the big data. A large amount of data generation enables AI systems to create more sophisticated insights, thus, offering companies to reduce costs, scale operations, improve productivity and enhance more targeted products and services to consumers. Owing to the increasing popularity of social media platforms in the region, image data has been growing significantly, which in turn is driving the demand for AI-based image recognition platforms in the region.
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The market is segmented on the basis of product type and end-user. Based on the product type, the market is bifurcated into hardware and software. The market for software is growing owing to the increasing demand for highly accurate facial analysis on video and images. Based on end-user, the market is segmented into automotive, BFSI, healthcare, security, and retail. Growing adoption of image recognition software for security as well as customer identification is the most common factor contributing to the growth of the BFSI segment.
The rising number of venture funding to AI-based startup in the region is expected to accelerate the growth of the AI in image recognition market in the region. For instance, in May 2019, Megvii, a Chinese facial recognition firm, which is commonly referred to as Face++ raised funding of $750 million that will support the commercialization of its AI services and global expansion. AI in image recognition is gaining importance as it can solve real-world problems across several application areas, including automotive and BFSI.
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Asia-Pacific AI In Image Recognition Market-Segmentation
By Product Type
Asia-Pacific AI In Image Recognition Market-Regional
· Spai n
· Rest of Europe
· CellmatiQ GmbH
· Cortexica Vision Systems, Ltd.
· Fiveai Ltd.
· Fujitsu Ltd.
· Google, LLC
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